I received this note from Dallas. “I like ‘dillos, but I don’t support giving them guns because… I would never armadillo.” Speaking of which, Texas is slowing down: The Dallas Fed tells us, “Texas’ overall pace of economic growth, much of it due to jobs in innovation, is trending lower, with payroll employment declining in June, a marked turn from robust job gains earlier in 2025.” Texas lenders, or at least banks and credit unions, do their share of adjustable-rate mortgages, so may be okay with lower short-term rates via the Fed and stable long-term rates. Last week’s MBA application data reflects increasing ARMs: “Given the relative attractiveness of ARM rates compared to fixed rate loans, ARM applications increased 25 percent to their highest level since 2022, and the ARM share of all applications was almost 10 percent. (The refinance share of mortgage activity increased to 46.5 percent of total applications from 41.5 percent the previous week. The ARM share of activity increased to 9.6 percent of total applications.) (Today’s podcast can be found here and this week’s is sponsored by ICE. By seamlessly integrating best-in-class solutions, ICE optimizes every stage of the loan life cycle, setting the standard for innovation, artificial intelligence, efficiency, and scalability, and defining the future of homeownership. Today’s has interview with HomeLight’s Sumant Sridharan on the latest surveyed trends among real estate agents a year after the NAR settlement and how technology is shaping their interactions with both lenders and borrowers.)